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Report: Twitter is set to accept Elon Musk's $43 billion offer to buy the platform
Photo by Pascal Le Segretain/Getty Images

Report: Twitter is set to accept Elon Musk's $43 billion offer to buy the platform

It looks like Elon Musk will finally own Twitter.

Reuters reported that Twitter is poised to agree to sell to Musk for what the Tesla and SpaceX CEO called his “best and final” offer of $43 billion.

Musk’s offer includes purchasing outstanding shares of Twitter stock for $54.20. Twitter is expected to announce an agreement to the deal on Monday, once its board has met to formally recommend the transaction to the company’s shareholders.

However, it does remain possible that the deal could collapse at the last minute.

Musk is reportedly negotiating to buy Twitter in a personal capacity. None of the other companies under his control are involved in the deal.

Twitter has been unable to secure a “go-shop” provision under its agreement with Musk that would allow the company to solicit other bids once the deal with Musk is signed, but Twitter would still be allowed to accept offers from other parties by paying Musk a break-up fee for breaking the agreement.

Twitter shares were up 4.5% in pre-market trading, selling for $51.15 a share, in New York on Monday.

Musk has expressed his interest in buying Twitter and taking the company private to grow it so that it may become a platform that truly embraces the principles of free speech.

Previously, Musk has been highly critical of the platform’s commitment to free speech principles.

He has also expressed concern over the lack of content and engagement generated by high-profile Twitter accounts, voicing concern that the platform is “dying.”

This new deal would come just four days after Musk unveiled how he would finance the acquisition, which caused Twitter’s board to take his offer more seriously. Many shareholders reportedly asked the board not to let the deal offered to them to slip away.

In a filing with the Securities and Exchange Commission, Musk revealed that he had received commitments for $46.5 billion to help finance his purchase of Twitter from a group of banks led by Morgan Stanley.

According to Reuters, if Twitter and Musk finalize this deal, it would “represent an admission by Twitter that its new chief executive Parag Agrawal” is not proving successful in his attempts to make the company more profitable.

As recently as this past November, Twitter stocks were trading for higher than Musk’s offer price. The tech mogul’s negotiating tactics — of making one offer and sticking firmly with it — allegedly resemble the tactics of Warren Buffett and how he negotiates acquisitions.

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